Bitcoin ETF

Bitcoin

Gary

Squawk

Despite JPMorgan’s role in BlackRock’s SEC-approved Bitcoin ETF, its CEO, Jamie Dimon, remains resolute in his anti-crypto rhetoric and BTC skepticism. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) holds little utility outside of serving as a channel for hundreds of billions in illicit wealth from fraud, money laundering, tax avoidance, and sex trafficking, said JPMorgan Chase CEO Jamie Dimon. 
Speaking with <a href="https://x.com/SquawkCNBC/status/1747598755233218884?s=20" target="_blank" rel="noreferrer noopener">CNBC</a> at the 2024 World Economic Forum in Davos, Dimon commented on the spot BTC ETFs approved by Gary Gensler’s Securities and Exchange Commission (SEC) on Jan. 10, noting that blockchain’s value exists in tokenization of real-world assets like real estate and not in cryptocurrencies like Bitcoin. 
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 Blockchain is real and it’s a technology. We at JPMorgan use it. It’s going to move money, data, and it’s efficient. We’ve talked about it for 12 years now. Bitcoin on the other hand is the pet rock. <cite>Jamie Dimon, JPMorgan CEO</cite>
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Dimon, whose banking giant is an <a href="https://crypto.news/blackrock-designates-jpmorgan-jane-street-as-bitcoin-etf-authorized-participants/" target="_blank" rel="noreferrer noopener">authorized</a> participant in BlackRock’s iShares Bitcoin Trust ETF, added that he’s unclear on Larry Fink’s position concerning the nascent digital asset industry. JPMorgan’s boss did, however, share his personal view, noting that he wouldn’t advise anyone to get involved in Bitcoin. 
 You might also like: <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/"> SEC approves spot Bitcoin ETF on accelerated basis </a> 
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 I don’t care so please just stop talking about this sh*t. I don’t know what Larry Fink would say about Blockchain versus crypto with utility or versus crypto like Bitcoin that does nothing. <cite>Jamie Dimon, JPMorgan CEO</cite>
</blockquote> 
Dimon’s comments in Davos <a href="https://crypto.news/jpmorgan-ceo-criticizes-btc-despite-backing-blackrock-bitcoin-etf/" target="_blank" rel="noreferrer noopener">echo</a> his congressional testimony weeks before spot BTC ETFs were accepted. During the hearing, the JPMorgan CEO said he would <a href="https://crypto.news/jamie-dimon-says-he-would-shut-down-crypto-if-given-the-option/" target="_blank" rel="noreferrer noopener">shut down Bitcoin</a> if he were the United States government and attributed its sole use case to criminal operations. 
However, Chainalysis reports have clarified that less than 1% of crypto transactions are tied to illegal activities. 
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 "There are cryptocurrencies that do something, that might have value. And then there's one that does nothing, I call it pet rock. The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>, or something like that," says <a href="https://twitter.com/jpmorgan?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@JPMorgan</a> CEO Jamie Dimon. "It has some use cases. Everything else is people trading among themselves." <a href="https://t.co/EnUBuIEHkI" target="_blank">pic.twitter.com/EnUBuIEHkI</a>— Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1747598755233218884?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 17, 2024</a>
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Meanwhile, BlackRock’s CEO Larry Fink, whose firm works with JPM for its spot BTC fund, said the asset management giant sees value in another crypto-related product underpinned by the second-largest digital asset, Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>). 
BlackRock’s BTC ETF has <a href="https://crypto.news/bitcoin-etfs-surpass-triple-the-combined-daily-volume-of-500-etfs-launched-in-2023/" target="_blank" rel="noreferrer noopener">traded</a> hundreds of millions of dollars since its Jan. 11 launch, along with other Bitcoin funds from issuers like ARK 21Shares, Bitwise, and VanEck, while Grayscale’s GBTC <a href="https://crypto.news/grayscale-bitcoin-etf-sees-579m-in-daily-net-outflows/" target="_blank" rel="noreferrer noopener">recorded</a> consecutive days of outflows. 
 Read more: <a href="https://crypto.news/blackrocks-larry-fink-points-to-value-in-ethereum-etfs-crypto-asset-class/"> BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class </a>

Jamie Dimon on Bitcoin: Don’t get involved

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